ABB India

By Vibhuti Sharma

MUMBAI, June 4 (Reuters) - India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters.

Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.

Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor 005380.KS and LG Electronics 066570.KS accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.

And the trend is continuing: the planned $1 billion IPO of Walmart's WMT.O Indian payments arm and Modern Times Group's MTGb.ST $335 million IPO of its local gaming unit will both take the OFS route.

This week, Coca-Cola KO.N said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's CARLb.CO planned Indian IPO will also have no new funds raised - it will also be an OFS.

The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.

Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.

Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.

Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.

RUPEE WOES

The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.

In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."

So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.

IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.

Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."

"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.

THE VALUATIONS GAME

India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.

Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.

The appeal for using the OFS route is rooted in valuations.

Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.

At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.

Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle NESN.S. LG Electronics India LGEL.NS, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics 066570.KS.

On the day Hyundai 005380.KS listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.

"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.

Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro CARD.NS, Norwegian consumer goods group Orkla ORKL.NS, and American auto parts maker Tenneco Clean Air TENN.NS all had OFS structures.

Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance NIVA.NS - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.

"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.

(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Thomas Derpinghaus)

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** Shares of India's ABB India ABB.NS fall 9.15% to 6,371 rupees

** Electrical equipment maker's quarterly profit from continuing operations fell 25% y/y

** Higher raw material costs, up 11%, lift total expenses by 13.4%

** Brokerages see sustained margin pressure amid weak pricing power, cost inflation

** HSBC downgrades to "reduce" from hold; cuts PT by 200 rupees to 5,200 rupees; expects ~13% EPS CAGR over FY2025-FY28

** Kotak Institutional Equities downgrades to "sell" from reduce; cuts earnings estimates by 3%-4%

** Macquarie cuts PT by 400 rupees to 5,470 rupees; trims EBITDA margin estimates by ~50bps over CY26-CY28

** YTD, stock up ~23.1%

($1 = 95.1325 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

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** Shares of ABB India ABB.NS climb 5.5% to 7,655 rupees

** Swiss parent ABB ABBN.S delivers strong quarterly results and raises full-year forecast

** Says demand has remained resilient despite uncertainties triggered by the Middle East conflict

** ABBN now expects its 2026 sales to increase by a high single-digit to low double-digit percentage, up slightly from its previous view for comparable revenue growth of 6-9% for 2026

** Avg rating of 27 analysts on ABB India at "hold"; median PT is 5,992.50 rupees - LSEG compiled data

** YTD, stock up 48%

(Reporting by Kashish Tandon in Bengaluru)

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April 1 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA LTD - RECEIVES PENALTY ORDER OF 35.6 MILLION RUPEES FROM COMMISSIONER OF CUSTOMS

• ABB INDIA LTD - GOT ORDER IMPOSING PENALTY 35.6 MILLION RUPEES, REDEMPTION FINE 110 MILLION RUPEES

Source text: ID:nBSE1dLcjb

Further company coverage: ABB.NS

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** Shares of ABB India ABB.NS rise as much as 2.3% to 6,554 rupees

** UBS upgrades ABB to "Buy" from "Neutral" with raised the PT to 8,030 rupees from 6,050 rupees

** Sees short‑cycle demand improving, supported by GDP growth, manufacturing capex, and easing supply‑chain bottlenecks

** Says market underestimates co's ability to tap a larger total addressable market in electrification, automation and motion segments

** Strong visibility from industrial and energy efficiency spend, plus structural demand from data centres, railways, metro, and renewables to help co - UBS

** Analysts have a "hold" rating on avg; median PT is 5,890 rupees - data compiled by LSEG

** YTD, ABB up ~25%

(Reporting by Urvi Dugar in Bengaluru)

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March 9 (Reuters) - ABB India Ltd ABB.NS:

• TO INVEST ~$75 MILLION IN INDIA TO EXPAND MANUFACTURING AND RESEARCH AND DEVELOPMENT

• TO EXPAND MANUFACTURING CAPACITY FOR RENEWABLE ENERGY, METRO RAIL, DATA CENTERS

• TO CREATE OVER 300 NEW SKILLED JOBS IN INDIA

• TO INVEST $14 MILLION IN NELAMANGALA CAMPUS FACILITIES

Source text: ID:nBSEctqx8

Further company coverage: ABB.NS

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** Shares of ABB India ABB.NS rise 5% to 6,007 rupees

** Brokerage Motilal Oswal says ABB's December qtr results were ahead of estimates, as surprise came from better-than-expected EBITDA margins at 17.2% after adjusting amount related to labor code in exceptional items

** Heavy electrical equipment maker's December qtr consol net profit fell 18.1% Y/Y, while consol revenue rose 5.7% Y/Y

** Order inflows rose 52% Y/Y to 40.96 bln rupees ($450.3 mln), order backlog was at 104.71 bln rupees

** Order inflows were 21% higher than Nomura's expectations

** J.P. Morgan says order inflows was the key positive, benefited from large orders in data centers, automotive, building and infra, railways and metal segments

** Trading vols nearly 2x the 30-day average at 659,693 shares so far

** ABB up 16% YTD

($1 = 90.9550 Indian rupees)

(Reporting by Vijay Malkar)

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BENGALURU, Feb 19 (Reuters) - Diary of India economic, corporate events on February 19.

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS- 'No time scheduled'

(Compiled by Bengaluru Newsroom)

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Feb 2 (Reuters) - Indian engineering firm Thermax THMX.NS posted a 76% rise in its third-quarter profit on Monday, aided by strong order wins.

The Pune-based firm's consolidated net profit rose to 2.04 billion rupees ($22.28 million) for the quarter ended December 31 from 1.16 billion rupees a year ago.

Thermax operates in India's capital goods sector, supplying industrial equipment and systems to power, clean energy and manufacturing clients.

Healthy industrial demand and robust execution likely supported revenues for capital goods companies during the quarter, with orders led by power generation, transmission and distribution and EPC projects, analysts at Elara Capital said in a pre-earnings note.

Thermax's order bookings for the third quarter jumped 34% to 30.80 billion rupees, driven by improved performance in its two key segments, supported by better demand and stronger exports.

The industrial machine maker's quarterly revenue rose 4.2% to 26.35 billion rupees, as revenue from its industrial products segment - its largest - climbed 18%.

The segment delivers equipment for core industrial operations such as boilers, chillers and heating equipment.

Industrial Infra - Thermax's second-largest segment, which includes large-scale infrastructure and energy projects - posted a decline of 9.4% in its third-quarter revenue.

Thermax's bottom line also included exceptional gains of about 59 million rupees on a net basis from the reversal of provisions and related interest income, the company said.

Its shares closed 2% lower on Monday ahead of the results.

($1 = 91.5770 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Ronojoy Mazumdar and Shreya Biswas)

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Jan 27 (Reuters) - ABB India Ltd ABB.NS:

• TITAGARH RAIL SYSTEMS LTD - CO AND ABB SIGN AGREEMENT FOR 25KV METRO PROPULSION

Source text: ID:nBSE27Rjkn

Further company coverage: ABB.NS

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Jan 26 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA LTD - TRANSFER OF ROBOTICS BUSINESS TO INRBT FOR 15.68 BILLION RUPEES

Source text: ID:nBSE87f7rz

Further company coverage: ABB.NS

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Jan 20 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA MODERNIZES BPCL PIPELINE

• MODERNIZATION OF AUTOMATION AND MONITORING SYSTEMS ACROSS BPCL VADINAR-BINA PIPELINE

Source text: ID:nBSE81bQxG

Further company coverage: ABB.NS

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Sept 25 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA LTD - TO INVEST OVER 1.40 BILLION RUPEES TO EXPAND LV MOTORS CAPACITY

• ABB INDIA LTD - INVESTMENT AND LAUNCH OF IE5 MOTOR RANGE

Source text: ID:nBSEtYwtb

Further company coverage: ABB.NS

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Sept 17 (Reuters) - ABB India Ltd ABB.NS:

• RECEIVES TAX PENALTY ORDER OF 7.3 MILLION RUPEES

Further company coverage: ABB.NS

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Corrects bullet 1 to say stock at lowest level since April 11, not June 13

** Shares of ABB India ABB.NS slide 6% to 5,062 rupees, lowest level since April 11

** Stock marks steepest intraday pct loss since February 3

** Engineering solutions firm posts nearly 21% Y/Y decline in June-qtr profit, overshadowing 12% Y/Y rise in total rev from ops

** More than 1 mln shares traded, 3.4x 30-day avg

** ABB rated "buy" by 23 analysts on average; median PT is 6,100 rupees – data compiled by LSEG

** Stock down 26.7% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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July 23 (Reuters) - Cryogenic OGS Ltd CRYO.NS:

• SECURES ORDER FROM ABB INDIA WORTH 13.2 MILLION RUPEES

Source text: ID:nBSEbtnzHm

Further company coverage: CRYO.NS

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BENGALURU, May 9 (Reuters) - Diary of India economic, corporate events on May 9

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

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** ABB India ABB.NS jumps 4.5%, recovering from 1.6% losses earlier in the session; set for fourth consecutive session of gains

** Global parent ABB ABBN.S posts better-than-expected March-quarter profit

** Switzerland-based ABBN says India orders rose 1% y/y in January-March vs 21% y/y drop in the previous quarter

** Over 530,000 shares of ABB India traded, above six-month avg daily volume

** YTD, ABB down 18.7%

(Reporting by Vivek Kumar M)

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** ABB India ABB.NS rises 2.6% to 5,381 rupees

** Stock set for third straight session of gains since releasing annual report on April 9, gaining 7% during the period; April 10 and April 14 were market holidays

** Motilal Oswal says engineering products maker's FY25 annual report highlights focus on high-growth segments and deeper penetration in tier-II cities

** Expect inflows and project ramp-ups after a few quarters

** Re-iterates "buy", with PT of 6,700 rupees

** Stock rated "buy" on avg; median PT is 6,224 rupees, per data compiled by LSEG

** YTD, ABB loses 22%

(Reporting by Kashish Tandon in Bengaluru)

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April 2 (Reuters) - ABB India Ltd ABB.NS:

• DELIVERS AUTOMATION AND DIGITAL TECHNOLOGY FOR INDIANOIL PIPELINE

• PROVIDES 10-YEAR CARE CONTRACT FOR INDIANOIL PIPELINE SUPPORT

Source text: ID:nBSE321bqw

Further company coverage: ABB.NS

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** Shares of engineering services company ABB India Ltd ABB.NS down 2.8% at 8,218 rupees

** ABB shares down for third straight session where they have shed 4.4%; day's fall biggest across last three sessions

** UBS downgrades stock to "neutral" from "buy" saying current price already factors robust earnings growth; raises PT to 9,100 rupees from 8,830 rupees

** Brokerage views ABB as best poised to capture emerging infrastructure projects, says would upgrade back to "buy" if quarterly order inflow exceeds 38 billion rupees

** 23 analysts tracking stock rate it "hold" on avg vs "buy" for Siemens SIEM.NS and Larsen and Toubro LART.NS - LSEG data

** Stock up ~76% YTD vs LART's 3.5% rise, SIEM's 89% gain

(Reporting by Nandan Mandayam in Bengaluru)

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July 3 (Reuters) - ABB India Ltd ABB.NS:

• ABB'S PIXELPAINT SELECTED BY MAHINDRA TO DELIVER PREMIUM PAINT OPTIONS

Further company coverage: ABB.NS

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June 19 (Reuters) - ABB India Ltd ABB.NS:

• ABB INDIA AND WITT INDIA PARTNER

• PARTNERSHIP TO ENHANCE SAFETY, OPERATIONAL EFFICIENCY IN KEY INFRASTRUCTURE PROJECTS

Further company coverage: ABB.NS

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** Shares of ABB India ABB.NS rise as much as 8.5% to 7,791.50 rupees, hitting a record high; last up 7.4%

** The engineering services firm reports an ~88% jump in March-qtr profit to 4.59 billion Indian rupees (nearly $55 million), beating analyst estimates

** "Strong beat on all fronts" while quarterly EBITDA margin of 18.3% a positive surprise aided by executing higher margin orders and healthy pricing power- Nomura

** ABB on track for second straight session of gains

** Busiest session since late Feb; about 1.3 mln shares change hands, three times the 30-day avg

** Twenty four analysts covering the stock on average have a "hold" rating; median PT is 5,330.50 rupees - LSEG data

** Stock up ~65% YTD, had gained 74% in 2023 for third straight year of gains

($1 = 83.5125 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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May 10 (Reuters) - ABB India Ltd ABB.NS:

• MARCH-QUARTER PROFIT 4.59 BILLION RUPEES

• MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 30.80 BILLION RUPEES

• YEAR AGO MARCH-QUARTER PROFIT 2.45 BILLION RUPEES; REVENUE 24.11 BILLION RUPEES

Further company coverage: ABB.NS

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** ABB India's shares ABB.NS slide over 4%, most on Nifty 100 .NIFTY100, after two rating cuts

** Stock set for biggest one-day drop in four months

** ICICI Securities downgrades to 'sell', while Nomura cuts to 'neutral' from 'buy' -LSEG data

** ICICI says while order inflows were strong, share of long-lead orders has jumped to 15% in 2023 from 7% in 2022

** Expects orders to be "sub–par" in 2024 given the uncertainty over next 1-2 qtr due to general elections

** Notes stock's sharp 45% surge in two months means it's trading at ~81x CY25E EPS vs avg historical 2-yr fwd PE of 60x

** ICICI's PT is 5,330 rupees, while Nomura hikes PT to 6,660 rupees; stock last trading at ~6,365 rupees

** Avg rating of 24 analysts is 'hold' and median PT is 5,275 rupees -LSEG data

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of technology automation products and services provider ABB India ABB.NS rise ~7% to a record high; last up 6.3%

** UBS says co has clear focus to capture long-term growth in electrification, dials up estimates on product portfolio expansion bets

** UBS hikes PT by 40% to Street-high of 7,550 rupees, retains 'buy' recommendation

** UBS' new PT is 51% above analysts' median PT, and ~20% higher than current trading levels - LSEG data

** Adds ABB "best play" on emerging infrastructure scale-up in low/medium-voltage electrification, where it trails Schneider Electric Infrastructure SEIN.NS and Siemens SIEM.NS

** Avg recommendation on ABB is a "hold" vs "buy" for Siemens - LSEG

** Stock is up ~35% YTD, following a 74% jump in 2023

(Reporting by Hritam Mukherjee in Bengaluru)

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March 20 (Reuters) - ABB India Ltd ABB.NS:

• ORDER FROM DEPARTMENT OF COMMERCIAL TAXES IMPOSING PENALTY OF 61.4 MILLION RUPEES

• APPEAL WILL BE FILED AGAINST ORDER

Source text for Eikon: ID:nBSE9q9q0S

Further company coverage: ABB.NS

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** Shares of ABB India ABB.NS rise as much as 7.8% to a record high of 5,373.8 rupees

** The heavy electrical equipment maker reported an 11% jump in Dec-qtr profit on Tuesday

** Stock has rallied over 18% since then

** ABB's new product launches to improve efficiency and its order outlook remains upbeat, say analysts at Nomura

** Nomura upgrades stock to "buy" from "neutral"; hikes PT to 5,740 rupees from 4,525 rupees

** Sees ABB as a key beneficiary of shift to automation, electrification and premiumisation

** More than 1.9 mln shares change hands, 5.1x its 30-day avg

** Twenty-one analysts covering the stock on avg have a "hold" rating; median PT is 4,950 rupees - LSEG data

** Stock up ~18% this week, eyes highest weekly gain since Dec. 5, 2014

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of technology co ABB India Ltd ABB.NS rise as much as 6.9% to 4,838 rupees

** Co late on Tuesday reported 10.9% rise in qtrly profit to 3.39 bln rupees ($40.9 mln), total rev from ops rose 13.6% Y/Y

** Co said growth has come on the back of deepening engagement into diverse market segments, portfolio expansion and localization for Indian market

** Stock trading above its 200-day simple moving avg since Feb. 6, 2023

** More than 815,000 shares traded as of 9:44 a.m. IST, 3.5 times their 30-day moving avg

** Mean rating of 21 analysts covering the stock is "hold"; median PT is 4,585 rupees - 5.5% lower than the day's high - LSEG data

** Stock up ~3% for the year so far

($1 = 82.8973 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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